Treasury designated 17 tankers and related companies under Operation Economic Outcast, saying the move covers most of Iran's remaining sanctions-evasion fleet.
The US Treasury Department on Thursday designated 17 vessels and a set of shipping companies it said were still moving Iranian crude, oil products and petrochemicals. The action is part of Operation Economic Outcast and was taken under Executive Order 13902, which covers Iran's petroleum sector.
Treasury said the vessels are registered across more than a dozen jurisdictions and owned through front companies. Named ships include the Comoros-flagged Paritosh, the Panama-flagged Bitu and the Bahamas-flagged Gas Lucky. OFAC also removed two vessels, Hakuna Matata and Pinocchio, from the sanctions list after saying they had left the shadow fleet and been sold to operators not under US sanctions.
Secretary Scott Bessent said Treasury is starving the regime in Tehran of money used to wage war in the region. A Treasury official told reporters the step was the most significant blow yet to Iran's remaining illicit maritime infrastructure, Reuters reported. The same official said Iran has about 20 million barrels of crude left on vessels outside the blockade, off Singapore, Malaysia and China.
A second official said Iran has stopped loading and offloading crude vessels because of the blockade and sanctions. Reuters quoted analyst Brett Erickson of Obsidian Risk Advisors calling the action economic warfare designed to generate headlines rather than results, arguing Iran had already delivered most oil that was at sea.
The designations block property of the named persons in the United States and generally bar US persons from dealing with them. Treasury said it will keep identifying vessels that enter the network.
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- Scott Bessent said Treasury is starving Tehran of money used to wage war and will keep exposing enablers of oil sales.
- A Treasury official told reporters the action neutralizes most of the remaining shadow fleet.
- Brett Erickson called the sanctions economic warfare aimed at headlines rather than results.